CORAZON MINING LIMITED — Capital/Financing Update 2008

Mar 16, 2008

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17 March 2008

The Manager Company Announcement Office Australian Stock Exchange Limited

High potential drill targets defined and Exploration Agreements executed

Base metals exploration and development company Graynic Metals Limited (“Graynic”) (ASX: GYN) is pleased to announce it has defined high potential drill targets at its Gulf Creek Project in New South Wales after an induced polarization (“IP”) geophysical survey produced encouraging chargeable anomalism associated with the known mineralized horizon.

The Gulf Creek project is located approximately 100 kilometres north-northwest of Tamworth in the New England district of NSW and is one of the largest copper mines of its type that operated historically in the New England region between 1889 and 1912. (See attached Gulf Creek Project location map).

Graynic is in the process of securing a drill rig and will implement a drilling programme to test the historically identified mineralization and the new high-potential targets defined by the IP survey.

Development of both two and three dimensional inversion models has shown the known mineralized horizon to be associated with a chargeable response. The models have highlighted a zone of higher chargeability with a northwesterly plunge beyond the area previously mined, while a moderately chargeable zone appears to have been fault-offset to the southeast.

The IP has also identified chargeable anomalies associated with minor surface workings on another stratigraphic horizon 200m to the northeast of the historic Gulf Creek workings. “The results of the IP survey have confirmed the potential of the project and given the lack of modern exploration in the region we are keen to progress the drilling programme as soon as possible,” stated Graynic’s Managing Director Bronwyn Barnes.

In addition to the above exploration activities, Graynic has now also secured the completed Section 31 Deed from the NSW Department of Primary Industries. The Section 31 Deed is Ministerial approval to proceed to with exploration activities pursuant to finalisation of negotiations with the Nucoorilma Native Title claimants Combined with the Exploration Access Agreement finalised with the claimants in December 2007, Graynic now has all approvals necessary to proceed with a drilling programme.

An announcement regarding the commencement of the drilling programme will made in the near future.

Graynic Metals Limited ACN : 112 898 825

Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872

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Historically, over 34,000 tonnes of Cu ore was extracted from a mine that extended to a depth of 150 metres, a strike length of 400 metres and the mineralized channel was 30 metres in width.

The mineralized horizon hosts 3 parallel lodes that where mined had approximate widths of 2m for the Cornish Lode, 1.5-2m for Middle Lode and 7m for the Big Lode. Little exploration has taken place since mining ceased almost 100 years ago. The deposit is considered to be a Cyprus-style where the mineralization is hosted within a sequence of basalts and meta-sediments which include jasper and cherts.

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Gulf Creek Project Location Plan

Graynic Metals Limited ACN : 112 898 825

Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872

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Gulf Creek Longitudinal Section

About Graynic Metals Limited

Graynic Metals Ltd is committed to increasing shareholder wealth through the acquisition, exploration and development of base metal mineral resources throughout Australia. The Company has key project areas in Western Australia and New South Wales within mineral provinces that have demonstrated copper, lead, zinc, nickel and gold mineralisation.

Current exploration targets include locating additional high grade resources adjacent to existing resources, testing of historic workings, drill testing of significant surface geochemical anomalies and the drilling of obvious strike and depth extensions of existing anomalous drilling intersections.

Each project area has a significant land position which allows for further growth opportunities should exploration be successful.

Enquiries: Bronwyn Barnes Managing Director Graynic Metals

Graynic Metals Limited ACN : 112 898 825

Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872

Phone: 08 6364 0518 Fax: 08 6210 1872

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08 6364 0518 0417 093 256

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves was compiled by Mr. Mark Fletcher, who is a member of the Australian Institute of Geoscientists. Mr. Fletcher has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mark Fletcher, who is a full-time employee of Graynic Metals Ltd, consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Graynic Metals Limited ACN : 112 898 825 Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872